Bankruptcy Filings Decline in Connecticut
When it comes to bankruptcy, more and more people are casting aside their concerns about social stigmas and filing for financial protection every day.
Due to a serious economic decline and high unemployment rates, states across the country have been hit by difficult times. In Connecticut alone, 5,191 people have already filed for bankruptcy this year which in itself would seem like a high figure. However, it actually represents a decline when compared to the same period last year in which there were 5,519 filings.
It comes as no surprise that 90% of those filing for bankruptcy in the state opted for Chapter 7 bankruptcy. Most individuals, as opposed to businesses, will try to gain bankruptcy protection under Chapter 7 guidelines as it allows the filer to discharge most of their debts. Those who do not qualify for Chapter 7 are opting for
Chapter 13 and
Chapter 11 bankruptcy protection, but at declining rates.
Do you have questions about which type of bankruptcy may be ideal for you or your business in Houston? If so, contact the Malaise Law Firm now to consult with our legal team and receive answers.